IPO Watch: The Gyms & Connected Fitness Companies Going Public

A growing number of fitness companies are testing the IPO waters.

Hoping to capitalize on the home workout craze, connected fitness brands are gearing up for a stock market debut.

  • Echelon is fielding interest for new funding upwards of $100M while also weighing an IPO.
  • Hydrow is mulling a public offering, SPAC merger, or capital raise, according to Bloomberg. The connected rowing company, which has attracted $65M in funding to date, is targeting a valuation north of $1B.
  • Tonal is going public in due time, says CEO Aly Orady: “We’re going to IPO when it’s best for the business…” Makers of a wall-mounted smart gym, Tonal has raised $450M in capital en route to a $1.6B valuation.
  • iFit Health & Fitness, formerly known as ICON, is eyeing a 2021 IPO. Owner of NordicTrack, among other fitness brands, the company was valued at $7B in a $200M funding round last fall.
  • Beachbody’s proposed $2.9B SPAC merger with MYXfitness has been approved. Combining Beachbody’s 2.7M digital subscribers with MYX’s connected fitness platform, the company estimates $1B in 2021 revenue.

Bullish on the return of in-person fitness, gym and studio operators are making a run at the public market, too.

  • Xponential Fitness recently filed for an IPO. Despite the pandemic, Xponential CEO Anthony Geisler said the company earned $400M+ in revenue, opened 250 new locations, and acquired boxing brand Rumble.
  • F45 Training is going public. To date, the chain has sold 2,247 franchises in 63 countries. An interesting revelation in its S-1, the company acquired the rights to Flywheel Sports’ IP.
  • Equinox Holdings was weighing a SPAC merger, but reportedly ended talks. The parent company of Equinox, SoulCycle, and Blink Fitness could fetch a $7.5B valuation. As gyms reopen, Equinox is taking a hybrid approach with SoulCycle’s at-home bike and Equinox+.

Set to cash in: L Catterton has a stake in Equinox, Xponential Fitness (via Pure Barre), iFit Health & Fitness, Hydrow, and Tonal. Of note, the firm also held 5.4% of Peloton at the time of the company’s public offering.

Get the latest health and fitness industry news

Keep up with industry news, trends, investment activity, and job openings — in one weekly newsletter.

    No thanks.